Gaming And Leisure Properties Q3 FFO Rises; Lifts Annual Outlook - Quick Facts

(RTTNews) - Gaming and Leisure Properties, Inc. (GLPI), a REIT focused on casinos, Tuesday reported a rise in Funds From Operations, or FFO, as well as net earnings for the third quarter.

For the three months to September, FFO increased to $73.23 million or $0.62 per share, from $2.68 million a year earlier. Excluding certain items, FFO totaled $81.19 million or $0.69 per share.

On average, analysts polled by Thomson-Reuters estimated the company's FFO to be $0.63. Analysts' estimates typically exclude one-time items.

Net earnings rose to $49.9 million or $0.42 per share, from $2.68 million or $0.02 per share a year earlier.

Adjusted EBITDA totaled $107.54 million, compared with $9.27 million a year earlier.

Net revenues surged to $157.79 million, from $39.63 million last year. Analysts expected revenues of $156.47 million.

The company expects to pay its next quarterly dividend in December.

For the fourth quarter, the company expects net earnings of $44.9 million or $0.38 per share on revenues of $156.6 million. The company sees fourth-quarter adjusted FFO of $76.7 million or $0.65 per share.

For the full year, the company is raising its guidance to earnings of $186.1 million or $1.58 per share on revenues of $633.5 million. Gaming and Leisure Properties had previously issued guidance for earnings of $180.1 million or $1.53 per share on revenues of $629.8 million.

The company also lifted the annual adjusted FFO outlook to $309.9 million or $2.63 per share, from the $302.6 million or $2.57 per share previously projected.